Brussels, (UrduPoint / Pakistan Point News - 16th Dec, 2022 ) :EU leaders on Thursday tasked the European Commission with coming up with ways to vie with huge US subsidies on greener tech such as electric vehicles to protect the bloc's industrial base.
"We will come forward in January with a state aid proposal that is not only faster and simpler, but even more predictable," commission chief Ursula von der Leyen said after a summit.
The European bloc is unsettled by parts of the multi-billion-dollar US Inflation Reduction Act (IRA) which lavishes subsidies and tax cuts for US purchasers of electric vehicles -- if they "Buy American".
The bloc views the act as discriminatory against European car manufacturers, a breach of World Trade Organization rules, and a threat to investment in Europe.
To compete -- and keep big industrial companies on its shores -- many EU countries want rules around national subsidies loosened and public investment in cleaner energy boosted.
European companies "need subsidies in the same way as those in the United States, and of the same magnitude, if you want to avoid a fragmentation of the European market," French President Emmanuel Macron said.
The EU leaders, in their summit conclusion text, stressed the need to safeguard "Europe's economic, industrial and technological base and of preserving the global level playing field".
The commission's upcoming proposals, it said, should look at "mobilising all relevant national and EU tools as well as to...
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